Introduction

Starting a new business can be an exciting yet daunting task. One of the biggest challenges faced by new entrepreneurs is acquiring their first customer. As a new business owner, you may feel overwhelmed and unsure of where to begin. Customer acquisition strategies can vary depending on your business type and industry. However, there are several tips and tricks that can help you get started on your journey to finding your first customer.

In this post, we’ll explore some of the best small business marketing tips and techniques for getting your first customer. Whether you’re wondering how to find customers for your start-up, optimize your customer acquisition cost, or generate leads, this post has got you covered. We’ll cover conversion rate optimization techniques, best practices for customer retention, marketing hacks for new businesses, and more. But first, let’s dive into some general tips for getting started.

Remember, the key to success is to keep trying different strategies until you find what works for your business. So, let’s get started!

1. Leverage Your Network

One of the best ways to get your first customers is to tap into your existing network. Start by reaching out to friends, family, and acquaintances to see if they might be interested in your product or service. You can also use social media platforms like LinkedIn, Twitter, and Facebook to expand your reach and connect with potential customers.

Don’t be afraid to ask for referrals and recommendations from your existing customers or network. Word of mouth is one of the most powerful marketing tools available and can help you quickly gain traction and establish credibility.

Consider attending local networking events or industry conferences to meet other professionals in your field. These events can provide valuable opportunities to make new connections, learn about customer acquisition strategies, and get your business in front of potential customers.

Remember to approach your network with a clear and compelling value proposition that speaks directly to their needs and pain points. Be authentic, personable, and passionate about your business, and you’ll be well on your way to securing your first customers.

2. Attend Networking Events

One of the best ways to get your first customers is by attending networking events. These events offer a great opportunity to meet people who may be interested in your products or services. However, attending networking events is not just about handing out business cards and hoping for the best. To make the most of these events, you need to have a strategy in place.

Tips:

1. Research the event: Before attending any networking event, it’s important to research the event to find out what to expect. Look at the attendee list, the schedule of events, and any speakers or sponsors. This will help you to determine which sessions and people to prioritize.
2. Prepare your pitch: When attending networking events, you need to be prepared to explain what your business does and why it’s unique. This is known as your elevator pitch. Keep it short and simple, and make sure it’s memorable.
3. Bring business cards: Business cards are a must-have when attending networking events. Make sure your cards are professional-looking and include all your relevant contact information.
4. Attend with a colleague: Attending networking events with a colleague can be beneficial, as you can split up and cover more ground. Additionally, you can introduce each other to people you meet, which can help to expand your network.
5. Follow up after the event: After attending a networking event, it’s important to follow up with the people you met. Send a personalized email or connect with them on LinkedIn. This will help to build relationships and potentially lead to new customers.

Attending networking events can be a great way to get your first customers. By doing your research, preparing your pitch, bringing business cards, attending with a colleague, and following up after the event, you can maximize your chances of success. Just remember to be yourself, be confident, and have fun!

3. Offer Free Samples or Trials

One of the most effective customer acquisition strategies for small businesses is to offer free samples or trials. By giving potential customers a chance to try out your product or service, you can showcase its value and build trust with them. This can be especially helpful for start-ups that are still building a customer base.

Crafting a compelling value proposition and identifying your target market are important steps to take before offering free samples or trials. You want to make sure you’re targeting the right audience and communicating the benefits of your product or service in a clear and concise way.

To avoid high customer acquisition cost optimization, it’s important to focus on generating leads and optimizing your conversion rate. Best practices for customer retention include providing exceptional customer service and regularly communicating with your customers to gather feedback and address any concerns.

Social media advertising tips and SEO for start-ups can also be helpful in promoting your free samples or trials. PPC advertising strategies can help drive traffic to your landing page, where you can capture leads and provide information about your product or service.

By using inbound marketing techniques and identifying your customer avatar, you can create content that speaks directly to your target audience and helps them understand the benefits of your product or service. Influencer marketing strategies and referral marketing tactics can also help generate buzz around your free samples or trials.

In summary, offering free samples or trials can be a powerful marketing hack for new businesses. By focusing on building a sales funnel, crafting a compelling value proposition, and identifying your target market, you can generate leads, optimize your conversion rate, and ultimately build a loyal customer base.

4. Use Social Media

In today’s digital age, social media has become an integral part of customer acquisition strategies for small businesses. It’s a great way to connect with your target audience and generate leads, as well as build your brand identity and engage with customers.

To start, it’s important to identify which social media platforms your target market is most active on. Crafting a compelling value proposition and building a customer avatar can help you better understand your audience and create content that resonates with them.

Social media advertising tips and SEO for start-ups can also help you optimize your social media presence and reach a wider audience. PPC advertising strategies can help drive traffic to your landing page and increase conversions, while content marketing for start-ups can help establish you as an authority in your industry and drive organic traffic.

Inbound marketing techniques, such as creating informative blog posts and engaging with your audience, can help you build a strong social media following and generate leads. Influencer marketing strategies and referral marketing tactics can also be effective in reaching new customers and building brand awareness.

To ensure customer retention, it’s important to provide exceptional customer service and regularly engage with your followers. Customer feedback management and user testing methods can also help you identify areas for improvement and make necessary changes.

In summary, social media can be a powerful tool for small businesses looking to find their first customers. By using social media advertising tips, SEO for start-ups, and inbound marketing techniques, you can optimize your social media presence and reach a wider audience. Building a strong brand identity and providing exceptional customer service can also help you retain customers and build a loyal following.

5. Focus on Your Unique Value Proposition

As a new business, it’s essential to have a unique value proposition that sets you apart from your competitors. Your unique value proposition should communicate what makes your product or service better than the competition and why customers should choose you.

To craft your unique value proposition, start by identifying your target market and understanding their needs and pain points. Then, focus on how your product or service solves their problems in a way that no one else can.

When creating your value proposition, be sure to use language that resonates with your target audience. Avoid using industry jargon or technical terms that could confuse or turn off potential customers. Instead, use simple and clear language that communicates the benefits of your product or service in a way that is easy to understand.

Remember that your unique value proposition should be the core message of your marketing campaigns. Make sure it’s featured prominently on your website, social media channels, and other marketing materials.

By focusing on your unique value proposition and effectively communicating it to your target market, you’ll be more likely to attract and retain customers. And with the right customer acquisition strategies, you can continue to grow your business and reach new audiences.

6. Utilise Local Directories

One of the best ways to attract local customers to your start-up is to list your business on local directories. Local directories such as Google My Business, Yelp, and Bing Places can help your business appear on the first page of search results for relevant queries.

To make the most of local directories, ensure your business information is up-to-date and accurate. This includes your business name, address, phone number, and website URL. Additionally, include photos of your business, products or services, and any promotions or events you have.

Encourage your customers to leave reviews on these local directories to build social proof and credibility for your business. Positive reviews can help attract new customers to your business and improve your search engine ranking.

Utilizing local directories is a low-cost strategy to drive traffic to your website and bring new customers to your business. Make sure to take advantage of these platforms and update your business information regularly.

In addition to online directories, consider listing your business in local print directories such as the Yellow Pages or local newspapers. These can help you reach an older demographic who may not use online directories.

By utilizing local directories, you can increase your visibility and reach in your local area, which can help drive new customers to your business.

7. Attend Trade Shows

As a new business owner, attending trade shows can be a great way to get in front of potential customers and generate leads. Trade shows are events where businesses showcase their products or services to a specific industry or audience. By attending trade shows related to your industry or niche, you can meet potential customers face-to-face, network with other businesses, and showcase your offerings.

To get the most out of attending a trade show, it’s important to plan ahead. Research the trade show beforehand and make sure it’s relevant to your business. Prepare marketing materials such as business cards, brochures, and flyers. Dress professionally and have a clear understanding of your unique value proposition.

During the trade show, make an effort to engage with attendees and start conversations. Offer product demonstrations or samples, and be sure to collect contact information from interested prospects. After the trade show, follow up with any leads you gathered and continue to nurture those relationships.

Attending trade shows can be a valuable customer acquisition strategy for start-ups. By showcasing your offerings and networking with potential customers and other businesses, you can generate leads and establish your brand in your industry.

8. Use Paid Advertising

As a start-up, paid advertising can be an effective way to get your business in front of potential customers. Paid advertising can include search engine ads, social media ads, or display ads on websites. By using targeted keywords, you can ensure that your ads appear to people who are interested in what you have to offer.

With PPC advertising strategies, you only pay for the clicks that your ads receive, so you can control your advertising spend and optimize your customer acquisition cost. To make your ads more effective, ensure that they have a compelling value proposition and a strong call-to-action.

When crafting your ad copy, it’s important to be clear and concise, as well as engaging. Use varied language and avoid repeating phrases to make your ads more appealing to potential customers. In addition, make sure that your ads are optimized for mobile devices, as an increasing number of people are using their phones to browse the internet.

To get the most out of your paid advertising, it’s important to monitor and analyse your campaigns regularly. Identify which ads are performing best and adjust your strategy accordingly. By constantly refining your approach, you can ensure that your paid advertising efforts are driving the maximum number of leads and conversions for your business.

9. Offer Referral Incentives

If you’re looking for an effective way to get your first customers, consider offering referral incentives. This is a great way to leverage the power of your existing customer base to drive new business. By providing an incentive for your customers to refer their friends and family to your business, you’re able to tap into a new network of potential customers that you might not have been able to reach otherwise.

To make this strategy work, you need to create an incentive that is attractive enough to encourage your customers to take action. This could be a discount on their next purchase, a free product or service, or even a cash reward. The key is to make it clear to your customers what’s in it for them and to make the process of referring others as easy as possible.

One way to streamline the referral process is to provide your customers with a unique referral link that they can share with their network. This link could direct their friends and family to a specific landing page on your website that offers the referral incentive and encourages them to take action.

By implementing a referral program, you’re able to not only generate new customers but also build loyalty and trust with your existing customers. It’s a win-win situation that can help you grow your business in a sustainable way.

In conclusion, referral incentives are a powerful customer acquisition strategy that can help you get your first customers and build a loyal customer base over time. By offering an attractive incentive and making the referral process as easy as possible, you’re able to leverage the power of your existing customers to drive new business.

10. Provide Exceptional Customer Service

As a start-up owner, providing exceptional customer service should be one of your top priorities. Exceptional customer service can help you win loyal customers who will not only come back to purchase from you again but also refer others to your business. To provide exceptional customer service, you need to start by understanding your customer’s needs and preferences. This will enable you to personalize your service to meet their specific needs.

One way to provide exceptional customer service is by ensuring that your response time is fast. Respond to customers’ inquiries, complaints, or feedback promptly. This shows that you value their time and appreciate their business. Also, make sure your team is knowledgeable and well trained in handling customer queries and complaints. They should have the ability to provide accurate and timely solutions to any problems your customers might have.

Another way to provide exceptional customer service is by going above and beyond for your customers. This could include sending handwritten thank-you notes, offering free shipping, or providing surprise discounts. These small gestures can go a long way in showing your customers that you care about them and their satisfaction with your product or service.

In conclusion, providing exceptional customer service is a critical aspect of running a successful business. By understanding your customers’ needs and preferences, responding to them promptly, and going above and beyond, you can create loyal customers who will be your brand ambassadors and help you grow your business.

Conclusion

In conclusion, getting your first customers can be a challenging task, but with the right strategies and mindset, it’s possible to achieve success. By implementing the tips outlined in this article, you can increase your chances of attracting and retaining customers for your start-up.

Remember to focus on customer acquisition strategies, such as identifying your target market and building a customer avatar, as well as retention strategies, like providing exceptional customer service and offering referral incentives. Marketing hacks for new businesses, like social media advertising, SEO, and content marketing, can also help you generate leads and build a strong brand identity.

But don’t forget the importance of customer feedback management and user testing methods, which can help you improve your product or service and enhance the customer experience. And always be willing to adjust your approach as needed, using data-driven insights and A/B testing strategies to optimize your sales funnel and conversion rates.

With these tips and best practices for customer acquisition and retention, you can build a strong foundation for your start-up and start attracting and retaining customers from day one.

The post 10 Tips For Getting Your First Customers appeared first on English Entrepreneur.

Anyone of you that has already researched this topic will find many conflicting sources of advice. Or even the unwanted answer of: it depends.

Well it does depend but that shouldn’t be the dismissive answer that it seems. Whilst it does depend, there are very specific circumstances and business types that are more black and white.

In this article we discuss the finer details of what exactly each option is. We also look at the benefits of being a sole trader versus a limited company and vice-versa.

What is a Sole Trader?

A sole trader is any person in the UK who owns or operates their own small business acting as an individual.

What this means is essentially the owner of the company and the company itself are legally the same thing.

All profits, losses and taxes for the company are profits, losses and taxes for the owner of the company. That is to say that if the company earned £100 in profit then that profit would be in the company owners personal bank account and be taxed as such.

As a knock on effect of this all debts to suppliers or legal settlements (unless insured) are personally secured against the company owner and more importantly the company owner’s personal assets.

All income tax filings for the company are filed through the owner as a self assessment form to HM Revenue and Customs (HMRC). This can be completed online and is free of charge.

What are the advantages of being a Sole Trader?

As you may have guessed from what is a sole trader above, the advantages of being a sole trader tend to be around it’s simplicity.

With the lack of separation between the company and the company owner it makes financials extremely streamlined and simple.

Since the company’s finances are identical to the owner’s financials, calculating things such as wages, profit and taxable deductibles are done as a whole and not individually.

It is so streamlined that the vast majority of sole traders file their own taxes as opposed to hiring an accountant which would be advisable as a Limited Company.

Another advantage to being a sole trader is the traditional view of being your own boss. As a sole trading company owner you literally are in 100% control of the company and everything surrounding the company.

You do not need to consider shareholders or company directors as a sole trader and every decision starts and ends with you.

This alone can be a key driving factor for many starting a company in the UK.

The other main advantage stems on from being your own boss outlined above.

The fact that the company structure is so streamlined in the sense that all decisions can come from you with no extra consideration, makes your company extremely reactive to situations

By reactive we mean that you can adapt and change with incredible speed compared to a structured Limited Company.

Imagine you find a new product or service you wish to offer – you can literally start on the same day provided you can fulfil that commitment. Even if you wanted to drastically change pricing structure or marketing strategy, when and how can be decided here and now.

This in comparison to a structured company who must seek sales, marketing or operations approval from the relevant directors and then pass the change to the shareholders. Discussions can draw on for weeks or months which may see the opportunity pass.

What are the disadvantages of being a Sole Trader?

While the advantages of being a sole trader are mainly in it’s flexibility, it’s disadvantages come in it’s lack of structure.

With all the finances being the equivalent of the company operators finances as outlined above brings more risk. This risk comes in the form of legal proceedings or debts.

Should your company run up any debts that go unpaid, suppliers are likely to chase you and your personal assets.

Whilst legal proceedings should be minimal and debts relating to the company also at a minimum, it is very important that you clearly understand this. There has been many entrepreneurs who have been bankrupted through legal costs related to negligence of their employee or themselves.

There are insurance policies that can cover these legal proceedings but when it comes to debts you are unfortunately on your own. If you company goes out of business with debts on it’s books then you will personally have to pay them.

The other main disadvantage of being a sole trader comes down to legitimacy.

Many suppliers and even some customers will not deal with a sole trader. They require VAT or company registration numbers which generally only come as part of being a limited company.

These situations tend to be on larger contracts specifically as a business to business venture.

Tradesmen or alike will also sometimes see this as a issue but far less so than most other industries. B2C (business to customer) ventures as a whole may in a lot of cases be OK with legitimacy related issues.

How do I become a Sole Trader?

Becoming a sole trader is very easy.

If you have earned over £1000 (correct for 2020) in the current financial tax year then you qualify to become a sole trader.

Simply go to the HMRC government website here and fill out the online form for self assessment.

Once completed and approved you will be required to fill out a self assessment form once a year to declare your turnover, gross profit and losses for your tax return.

What is a Limited Company?

A limited company is a company that is it’s own legal identity. It’s owners and managers are not personally liable and the company as a whole is an individual entity.

This individual identity established by the company means that all profits and losses occurred by the company belong to the company. Money cannot be freely moved in and out of company accounts and debts or legal proceedings lay solely at the company’s liability.

Tax returns, company wages and shareholder payouts are all tightly managed and accompanying paperwork is almost always required.

What are the advantages of being a Limited Company?

The undeniably best advantage of being a limited company is the limited liability that comes with the business structure.

Legal proceedings by disgruntled customers and debts incurred with suppliers happen more often than desired. Being able to make these business decisions without the threat of personal assets being at stake is fundamental in UK business.

This isn’t to say that the company operators are completely free to do what they want. There are many guidelines and regulations that still must be followed rigorously. It does though allow the business to operate and grow at will.

Another advantage comes as a double edged sword, tax.

If you are earning enough then a limited company offers a far better tax structure than a sole trader. Since all money coming into the company is owned by the company, corporation tax is implemented instead of income tax.

In 2020 corporation tax is set at 18% whereas income tax starts at 20% rising to 45% depending on earnings. This can equate to tens of thousands in a difference in certain circumstances.

And the final advantage worth noting is credibility.

As mentioned above in the disadvantages of being a sole trader, some suppliers and customers will only deal with a limited company. This can be for a variety of reasons but being a limited company does gain credibility in these instances.

What are the disadvantages of being a Limited Company?

Choosing to operate your UK company as a limited company comes with additional responsibilities and requirements.

Unlike a sole trader where you and the company are the same, a limited company requires it’s own documentation, tax returns and accounting records.

This is all on top of your own personal tax returns as an owner or employee of the limited company.

Needless to say this can equate to a lot of paperwork and not every entrepreneur is an accomplished accountant.

In most situations an accountant employed to cover the company financials is a must and just an extra cost to doing business.

Another disadvantage comes at a cost of this detailed information required by every limited company.

Companies House lists all UK registered limited companies as public information. This public information includes financial details relating to any company.

This can mean competitors or customers regularly researching your company and it’s profits/losses. Whilst many may not have much to hide, anyone that does will soon be found out via a simple search of the company name.

How do I start a Limited Company?

Setting up a limited company is a lot more complex than setting up as a sole trader.

After choosing that a limited company is the right move for you and your company you will need to head on over to the UK government website and double check the criteria for registering.

These criteria are listed in order on the link above and include things like choosing company directors, a company name and what documents your company will keep.

It is advisable you speak with an accountant before committing to this decision in most circumstances.

Conclusion

The general rule of thumb is that if your company is earning under £60,000 per year then staying as a sole trader is probably the most prudent route for you.

It isn’t until you go over the £60,000 threshold that tax benefits of being a limited company will really come into play.

With that being said it is really dependant on you, your company and what industry your company operates in.

In either eventuality speaking to a qualified accountant is probably the best thing you can do before making any rash decisions you may regret down the road.

The post Sole Trader or Limited Company appeared first on English Entrepreneur.

With the invention of the internet and the online explosion that followed these vast income streams have diversified and expanded. Anyone anywhere now has the opportunity to make money, especially online.

With low startup costs for online ventures, the chance to experiment is now available to anyone with an internet connection.

When it comes to the entrepreneurial idealistic income stream, few can compete when it comes to passive income.

What is passive income?

Passive income in it’s simplest term is an income stream that generates with little to no input or work from it’s owner.

This income stream will develop sales or some form of financial reward for content or services that the income owner does not need to work to supply.

The ongoing maintenance of the product or services should also require little to no input in order to maintain a profit for the foreseeable future.

In simple terms, passive income is an income stream you have running and generating income while you relax or work on something else.

What are the benefits of passive income?

It would probably go without saying what benefits a passive income has over other types of income. But just in case you can’t see it, we will go over them.

The fact that passive income involves little to no input, it gives it’s owner the most valuable asset in the World, time. It gives you the time to go and work on another project, spend time with your family or even take a holiday.

While you are using your newly found time, your passive income is generating money to fund your lifestyle. This can be particularly useful for anyone who wants to work or live remotely.

For example, setting up a passive income stream in the UK earning £1500 per month would be a modest income to most people.

However, if you were earning £1500 passively via your UK website and living somewhere else. Lets say a sun soaked beach in South America. That £1500 will translate into a very good living in the country of your choice. This allows you to go for a meal or work on your tan while your stream pays without your input.

Sounds amazing, right?

Well it kind of is! Passive income may be the holy grail for a lot of people cross the World.

The number one commodity no matter how much you are worth, is time. Passive income gives you money for no work which buys you that time.

Are there downsides of passive income?

With everything in life there has to be some form of downside.

With that being said, the downsides to passive income are very limited.

We have done our best to look at passive income objectively and it is difficult to find the negatives. With that being said we have tried to be over critical in an attempt to show all sides of the argument.

It could be argued that nothing lasts forever. Passive income streams are potentially one of those things that proves that rule.

Whilst you might be earning a very good income via a passive income stream, it is still important to plan for the future. The stream wont last forever, so it may be prudent to put money aside for the day it all stops.

This is true of every business though and is a bit of a stretch when looking for negatives.

The only other side of the negative coin is possibly the work needed to get the passive income stream running, and more importantly, earning.

This is almost never a small task. Whilst a passive income stream requires little to no input from it’s owner to be classified as passive income, the work originally put into the project is obviously not included in that assessment.

The greatest passive income streams normally have seen a hefty amount of work to get the project up and running. This can come in the form of hours spent or money invested but it hasn’t just materialised. Serial passive income entrepreneurs are happy to dedicate a month of work to a passive income stream in hopes of months of returns.

Nothing is all sunshine and roses especially when it comes to business. Passive income is guilty of the same negatives that can be pointed at any income stream but realistically, it is the ultimate income stream.

Examples of passive income

Passive income can come in many shapes and sizes.

Whilst many passive incomes are known and well published, just like any company or any entrepreneur, the diversity is huge.

English entrepreneurs are no stranger to adapting and innovating new ways to make passive income. That makes a fully comprehensive example passive income list realistically impossible to create.

With that being said we have rounded up the most popular UK passive income streams that we have seen successfully implemented.

• Renting of property or assets
• Dividend Stocks
• Vending machine owner/operator
• Advertising space owner
• Dropshipping eCommerce
• Online eBook sales
• SAAS (Software as a service)
• Software creation/sale
• Online photography/Image Sales
• Music creation/sale
• YouTube content creator
• Affiliate Marketing

It is important to take note that many of these options require vastly more initial time input than others. It is also noteworthy that some have a much higher barrier for entry such as rental properties needing hefty finances to buy the property initially.

All ways have their own pluses and minuses and they are by no means the complete list. These are however some tried and tested methods that have made and continue to make many people rich across the World.

Choosing which one would work for you is going to depend heavily on you, your skill set along with some trial and error.

How do I make passive income?

The first step is to just start.

Pick a niche or an area that you have identified as a potentially passive income stream and get going.

Set out a clear business plan on what you want to achieve and how you will achieve it. Coding a website has never been easier with multiple YouTube tutorials at your fingertips. You may even want to look at buying an existing passive income stream via Flippa or similar. After doing your due diligence it may be a great way to start your passive income journey.

Not all passive income streams are guaranteed to be successful so it is important to have realistic goals.

If this is your first passive income venture then get ready to learn a lot as you go. Failure is part of every entrepreneurs journey but with passive income, if you succeed you may never have to work again.

If that isn’t the entrepreneurial dream then we have no idea what is.

Even if you fall into the workaholic section of entrepreneurship you certainly wouldn’t turn your nose up at extra income for little to no work.

Having a revenue stream isolated and automated is going to go a long way towards financing your other ventures or your lifestyle.

Whatever your situation if you haven’t seriously considered passive income streams then you may be missing out.

The post What Is Passive Income? appeared first on English Entrepreneur.

The reasons behind why someone buys a company can vary greatly. Whether the motivation is to buy a competitor, buy a company in a new niche or to cut the startup time needed were you to start from scratch. All motivations will boil down to 5 things that must be considered first.

These 5 factors we have compiled for you are going to be vital to any English entrepreneur looking to buy a company.

The factors we have listed are universal regardless of your motivation, niche or budget. It would be advisable to consider each of these points thoroughly before you decide to buy any company.

Even the most experienced entrepreneur has been bitten at some point because of due diligence or a lack thereof. Learn from the mistakes many have made before you.

1. Time vs Cost

Every company across the UK and indeed the World are in a constant give and take when it comes to time versus cost.

Buying a company as a business decision is no different.

Depending on your reasons for looking to buy a company you really need to consider if the the cost of the venture is worth it when compared to the time.

For example paying £2000 for a new dropshipping website with over 2000 products may seem like a good deal.

However, if you consider that you could hire a programmer to make an almost identical website and use the same supplier that this dropshipper is using then it may skew that opinion. Add on to that a price tag around 50% lower and suddenly buying that website is a poor decision.

If you can make the website yourself then that’s even better. But if it will take you a month to make then we are back at the time vs cost dilemma.

If the company has intangible assets such as a heavy client list then this will also need to come into consideration. Recurring payments can be priced in with relative ease. However, a list of 1500 former customers may be a little harder to factor in potential time costs. Trying to calculate the time it would cost to get those customers on your own is harder still and many times cost will outperform time.

Everything you consider needs to come down to time vs cost. Time is money and spending vital funds when starting a new venture isn’t always a good idea. Those funds may be better suited on advertising or scaleable technology.

2. Want vs Need

Now that we have qualified that the company we would like to buy wins when it comes to time vs cost, it’s time to look at want vs need.

Do you need to buy the company or do you want to?

If you feel that it would be nice to not have to build a website or create a brand. But you desperately just want to be a business owner then you really need to step back and look at the situation.

Many English entrepreneurs have mistakenly bought a small company via sites like Flippa to get started. Whilst the intentions of being a business owner are noble, you need to question if it is out of laziness or necessity.

What we mean by this is could you possibly do this yourself without trying to get it all right now? Many entrepreneurs will tell you that working from the ground up on a venture is the best way to build on your passion and is far more rewarding in the long run.

If for example you don’t have the skills to build a website or your time to do the project would far outweigh the cost of outsourcing then by all means this is a different scenario entirely. In these circumstances you need to buy a company more than you want to.

Bare in mind that this question can be clouded by emotion. Be honest with yourself, do you want to buy it or do you need to buy it? If it is want then be honest with yourself. This is your journey and this is your first step to becoming a self employed entrepreneur.

3. Your Expectations Of Buying The Company

So to recap, we should now have decided that the time vs cost weighs up nicely and you need this venture more than you want it, it’s time to set your expectations.

Setting expectations for a company you are looking to buy is very similar to creating a business plan and projecting it’s finances.

As we discussed in What is Turnover, Gross Profit And Net Profit, having good understanding of company finances is just one of the many hats an entrepreneur must wear.

It could arguably be the most important of responsibilities since there hasn’t been a company that has survived without profits. After all a company’s aim is solely to make profit.

When buying any company the seller should have already made you aware of the finances that the company finds itself in. Looking at past turnover, profit and customer retention will help you to project but should not be solely relied on.

There have been a number of cases especially online where sellers of companies have inflated numbers and faked traffic/financial details. They do this to scam a potential buyer into overpaying, so due diligence as always is needed.

If you are confident in the numbers then predicting growth and expectations can be simple. Using percentage growth based on previous income and potential changes will at least give you a good place to start.

Be honest with what you want to achieve by buying this company. Be honest with when that can be achieved, if ever.

Buying a company is an investment which needs to be bought with your head over your heart. If you can’t be honest with yourself and your expectations then you will struggle further down the line.

4. Customers and Niche

One of the top reasons to buy a company instead of starting one comes down to the customers and niche.

Over saturated markets are mainly busy because the demand for the niche is huge and the barrier to entry is low.

In more closed off niches where the demand is lower due to the niche being narrower it can be very beneficial to purchase instead of entering. This mainly boils down to the limited audience: whilst they may be profitable, tearing them away from a rival takes time.

When it comes to companies on the other end of the scale in over saturated markets the benefits come back the bigger the company. Buying smaller companies is rather pointless when they control less than 1% of the market but acquiring customer details for 20% of the market could be game changing.

So take all of this into consideration. Depending on the customer base and the niche you are entering you may need to rerun this past the time vs cost dilemma above.

5. Ask The Seller, Why?

So the company is great, their financials are solid and they have a huge recurring customer base.

That’s great, right? Kinda.

If it sounds too good to be true then it probably is.

Be careful! If the company you are researching has huge upsides and no downsides then your spider senses should be tingling. No company is all smiles and no problems, nothing is perfect.

Check check and recheck the financials, infrastructure, ask for a guided tour multiple times and tick every box 3 times.

Most importantly ask the seller why he is selling. If this is such a money maker with growth potential then why let it go at all? If you owned this company earning £x a week would you sell it? Would you sell it for this price? Is there still a future for the niche?

Don’t be shy when asking a seller details. A seller should be doing everything in their power to help smooth the process. It is their duty to disclose everything surrounding the company.

Ask as much as possible and write it all down. Keep records of everything. Don’t be rushed into a decision and be sure you are making the right decision for you and your company.

Buy with caution and be vigilant – this could be your biggest decision you ever make.

The post 5 Factors To Consider Before You Buy A Company appeared first on English Entrepreneur.

In an age of perpetual growth like the one we are in now, a company that stagnates has it’s days numbered. Anything other than growth is becoming more and more unacceptable.

English entrepreneurs are no stranger to this reality. Juggling the needs of a business is a constant game of give and take but almost every task circles back to growth of the future.

It goes without saying that a company’s priority is profit. No growth is never a good omen for projected profits.

So how does a busy English entrepreneur juggle their time without stagnating their business?

It is an important skill for all entrepreneurs and small business owners to be able to discern what is worth their time from what is not. Luckily we have done the research for you!

Below is our list of 7 steps to grow your small company today. We have listed our favourite tried and proven methods you can get started on right now which will guarantee more upward trajectory for your business.

Step 1. Review What Works And What Doesn’t

When deciding the best way to go froward it is important to take note as to where you are now. After all, we can’t know where we are going until we know where we have been.

This can be especially useful by looking at what has worked up until now and what has not. You may find that some streams have proved to be way more beneficial than others.

For example, as an English entrepreneur you should be no stranger to advertising streams. So you will know many streams are way better suited to some niches over others.

Spending across multiple ad networks like Google Adwords or Facebook adverts may have been prudent to find your market initially. If that market has now been found though then it may be time to focus your efforts.

It is of course important to not put all of your eggs in one basket but maximising the areas that work whilst scaling back or stopping those that don’t is key to company growth.

This concept should be applied business-wide on an annual basis as a minimum. Quarterly ideally. Many small business owners find themselves dwelling on the highs of the previous period and this complacency can cause negative knock-on effects. Reviewing regularly is key.

Scrapping something that isn’t working is just as important as ramping up what does work. Balancing both is the difference between a company that earns you a living and one that will earn your grandkids a fortune.

Step 2. Check What Your Customers Have Said

If you have completed step 1 above thoroughly then step 2 shouldn’t come with any nasty surprises.

Feedback is something that every business owner needs, few can take onboard and most avoid out of vanity. It is impossible to know how to improve if you don’t actively seek out feedback, good and bad.

Let’s be honest for a second: Most customers haven’t really got a clue what they actually want.

For example, ask a website developer how many sites they are commissioned to make that end up being exactly what the customer first described. The answer will be less than 5% because people mostly think they know what they want when they don’t.

Now don’t get confused because whilst most don’t know what they want, they absolutely 100% know what they like. More importantly, what they like may rarely line up with what they need or what you think they’d like.

This is where seeing what your customers are saying is fundamental.

Twitter, Facebook and Instagram have made this the easiest task imaginable in 2020 and beyond. With open profiles and public messages it can be as simple as running a quick search using your company or brand name to see all the times you were mentioned.

Take time to read as many as possible. This is your company and these people are your paying customers. Keep an open mind and really take on board any criticisms that may come your way.

It can put the best of us on the back foot making us defensive when somebody criticise something we have worked so hard on. A company is like a baby to the entrepreneur and maternal instincts sometimes take over. It’s important to stay open to anything.

This shouldn’t take away from the fact that it is your company, your product and your brainchild. The buck stops with you on how it will change moving forward.

You will get a lot of bad suggestions too. Like seriously a lot. Objectively deciding which is which without involving emotions will start the journey to the next level.

Step 3. Look After Existing Customers

Pick any entrepreneurial speaker or business book and you will hear the trusted mantra that new customers cost 5 times as much as keeping old customers.

This is true and certainly not something to be overlooked. But there are scarier and more important knock-on metrics that you should also be aware of.

According to a leading customer experience consultants research, they found that existing customers are:

• FIVE TIMES more likely to purchase from you.
• FIVE TIMES more likely to forgive for any mistakes or failings.
• SEVEN TIMES more likely to purchase new products you introduce.

If you are looking to grow your company the answer may very well lay with your existing customers.

Taking care of customers can be something as simple as offering a voucher or checking in with them some time after their purchase. A simple follow up email can go a long way with the average customer.

Regardless of what niche you find yourself in, customer service is a universal language. Everyone wants to feel special and appreciated, your customers are no different. Showing them that you appreciate their business is quite possibly the greatest foundation for growth imaginable.

Step 4. Review And Redefine Your Customer Service

Following on from step 3 above is to now improvise, adapt and overcome your customer service challenges.

Automation and process is the best friend of every time-sensitive entrepreneur. After-all, If you aren’t time-sensitive then are you even really an entrepreneur?

Whether it’s collecting customer emails, regular newsletters/vouchers or just replying to contacts, these tasks can bite away valuable hours that could be spent elsewhere.

Hiring a virtual assistant to complete these tasks could free up those hours. This will in turn help your company grow in both efficiency and profits.

Automating the process is an even better solution. Mailing lists like Mailchimp help with out of the box solutions or a custom script built specifically to your needs is a scaleable solution that will last the test of time.

It is important to value your time and how much per hour your time is worth. If the cost of a custom solution is £500 and you spend 2 hours a day currently on the task then it will pay for itself in pretty quick time depending on your hourly rate you pay yourself.

Step 5. Be Social

Step 5 is the one that nicely ties up these initial 5 steps to grow your business.

Social media, love it or hate it, is the be all and end all of customer service for the vast majority of companies in 2020. We all know customer service is paramount in terms of growth whether that be new or existing customers.

Staying active on your personal and company social media is an aspect that English entrepreneurs have all been guilty of failing at some point. It can be hard to prioritise and monitor social media but slacking in this department will be at your own demise.

If you have social profiles then you need to stay on top of the conversation. The smallest of issues have been know to blow up on twitter causing a full on PR disaster solely down to unresponsive company social media.

Showing your customers that you are actively involved in the niche you represent not only builds trust and credibility but it will also set the right impressions towards any potential customers sitting in the stands reading.

78% of UK customers reportedly research a new company on social media before committing to a product over £40. This huge chunk of business is profit that your company is missing out on by not being active.

Depending on your niche it can be difficult with coming up with what to post and when to post it. This situation is no different than any other. Balancing your time/cost with outsourcing to a virtual assistant or specialist social media company is something you will need to weigh a decision on.

Take a look around social media at how the big brands do it across all industries and niches. Contests, giveaways and general banter with your social media following could turn any company into a brand that has a cult following.

Step 6. Research the competition

No amount of market research will ever tell you more than you can find out by simply researching your competition.

Take a look around at the other companies that occupy space in your niche and take a look at how they operate. Where do they advertise? How do they communicate on social media? How do they deal with their customers?

You can guarantee your competitors have made this assessment of you already.

This will also tell you a lot about what probably works and what you can use to grow your own business. Many companies, especially those that were around before you, have had the luxury of years within your niche.

Whatever they are doing now that works will probably work for you too.

Some of the greatest entrepreneurs have the ability to look at what is being done elsewhere and adapting it into their own business ventures.

Step 7. Attend Networking Events

The final step is the dreaded networking events.

Whether you are an introvert or just your average entrepreneur on the tight timescale, you might be rolling your eyes at this one.

But that really shouldn’t be the case, although we do understand. Many networking events are an endless list of nameless faces trying to sell their products.

Whilst you may feel that your time could be better spent elsewhere it is important to not be rash.

Networking events can be a needed lifeline for small companies. Many small businesses are willing to trade services meaning that you may be able to get cheap or free marketing, printing or products by simply offering your services in exchange.

Many small companies are also more than willing to refer customers too so picking up leads is a common result from these events.

Don’t be shy, get your name out there. Who knows your next major client could come from these events and even if it doesn’t you will still make great local business connections.

Running a company in the UK is going to require these connections at some point whether you like it or not so get out there.

The post 7 Steps To Grow Your Small Company Today appeared first on English Entrepreneur.

Any fan of Dragon’s den will be quick to tell you how you must ‘know your numbers’ along with a ton of other advice based on current UK entrepreneur’s mistakes.

Unfortunately it is not possible to categorise one subject to be the most important thing to know when running a company or business. If it were then the question of turnover, gross profit and net profit would have a strong bid to being that holy grail.

Any successful business is constantly checking all three of these KPI’s (key performance indicators) on a weekly basis since the goal of most businesses is to make money.

Money coming in and going out is the be all and end all at the very heart of every business plan, at least every successful one!

In this article we go over in plain English what exactly is revenue, turnover and profit while running a business.

Whether you have a new company or an existing one then we hope we can shed some light on these misunderstood topics.

What Is Turnover?

Turnover in business is essentially going to be your top level number when going through your company finances.

Turnover in the UK is what our cousins in USA call revenue. It is the total amount of money that has come into your business through the sale of services or products.

Every penny that comes into your business will tally towards your company’s overall turnover for that given period.

An Example Of Turnover

John owns a vitamins company that he hosts exclusively in an online eCommerce website.

John’s eCommerce website has made sales to the tune of £12,430 in the last financial year.

John’s turnover, or revenue if you prefer, for this year will be £12,430.

What Is Gross Profit?

Gross profit is the next step down in your company financials representing you turnover minus your cost of goods sold.

Gross profit is essentially your halfway house between your top line, turnover, and your bottom line of net profit.

If your company is selling some sort of product then your cost of goods sold will be a sum of:

• All costs involved in manufacturing the item
• Any cost related to packaging the item
• The cost of delivering or shipping the item

If your company is selling a service based product then your cost of goods will include the sum of:

• Labour costs in delivering the service
• Materials used in providing the service
• Any transportation costs related to the service

Gross profit is useful to work out your sales margins and to see exactly how much you make per item or service sold.

An Example Of Gross Profit

Sticking with John who owns a vitamins company that he hosts exclusively in an online eCommerce website.

Johns turnover mentioned above is £12,430 in the last financial year. As we have learned this means John has sold £12,430 worth of vitamins.

John’s total cost of making those vitamins is £1000, packaging them £500 and delivering them to the customer is £250.

This brings the total cost of goods sold, i.e. the total cost to make and get the vitamins to the buyer, £1750.

Based on this John’s gross profit is £10,680 (£12,430 – £1750 or turnover minus costs of good sold (COGS).

What Is Net Profit?

Our final step down the company financials ladder is going to be our bottom line, net profit.

In terms of importance, net profit is probably THE most important of these three metrics. Net profit represents how much profit is left after every expense of your business has been paid.

To work out your net profit you need to be subtracting from your gross profit any and all of the following:

• Rent
• Website costs / office running costs
• Credit card handling and transaction fees
• Utilities
• Employee wages
• Taxes
• Loans

The number you are left with here is clear profit! Whether this is reinvested or paid out to employees is your call but after everything is said and done, this is the number for your net profit line.

An Example Of Net Profit

John and his eCommerce website have established a turnover of £12,430 and a gross profit of £10,680.

John now calculates website hosting fee of £150, merchant card handling fees of £250, £400 in taxes and wages of £9,000 over the financial period.

Johns net profit is £880 (£10,680 – £150 – £250 – £400 – £9000).

John may now pay himself a bonus or reinvest in adverts for the next financial year but for this period his net profit is now calculated

Conclusion

Knowing the difference between Turnover, Gross profit and net profit is a fundamental part of running a company in the UK.

Any business owner, new or experienced, are fundamentally required to know these metrics wherever possible.

Not knowing these numbers could be a strong indication that you don’t in fact understand your own business correctly. Your business may not be as profitable as you think and you may be missing easy areas you could improve.

Knowing all this it is understandable why the Dragons on Dragon’s den react the way they do when presented with an unprepared entrepreneur.

Knowing these numbers shows you know your company and the business it produces.

The post What is Turnover, Gross Profit And Net Profit? appeared first on English Entrepreneur.

Your company name will be attached to your brand image for many years to come. It’s important to get it right the first time around ensuring you give enough thought and consideration to your decision.

Whilst this step has pained many entrepreneurs into weeks, sometimes months, of endless brainstorming. If you stick closely to our 20 tips it should help you immensely on your entrepreneur startup.

1. Document EVERYTHING

“Ah what was that name that I came up with yesterday?”

A UK Entrepreneur, probably.

We’ve all been there, you come up with a great idea, you let it linger around for a bit and you are convinced you will remember it for the foreseeable future. Then reality sets in, you are drawing a blank and the idea is gone forever.

This is especially true when it comes to business and brand name brainstorming. We can’t stress enough how important it is to write down every idea you come up with, good or bad. Yes there will be a lot of “what was I thinking options” on that list! But remember, those bad ideas can help form good ideas and what didn’t look good yesterday, may be revolutionary tomorrow.

What program or tool you choose to do this is completely up to you, our favourites in order would be

1. Microsoft Onenote
2. Personal phone notes (iphone or similar)
3. Windows Notepad or similar
4. Hard copy notepad

Bare in mind that if you go for number 4 there is no backup or loss recovery options so be sure to keep everything safe.

Options 1 through 3 are all adequate but be sure to backup by emailing a copy to yourself or storing within the cloud.

2. Make use of FREE brainstorming tools

Now that you have chosen how you are going to document everything from tip 1, it’s time to start brainstorming.

Traditionally brainstorming would involve the founders sitting in a room throwing ideas around on a whiteboard for hours on end. Luckily for you it’s now 2020 and the future is here.

There are many many options for paid brainstorming tools and whilst they have their own appeal, we know money is tight in all startups.

It was with that mantra in mind that we created the English Entrepreneur company name generator.

Our company name brainstorming tool is a custom coded AI generating names based on the criteria you enter. The system uses synonyms, alternative adjectives and similar industry trends to help inspire you on naming your new startup.

If our tool doesn’t fit your needs we’d love to get some feedback. In the meantime you can check out BizzNameWiz and NameMesh, both are fantastic free tools designed to help you on your search in a similar fashion.

3. Make use of FREE word tools

Working hand in hand with the brainstorming tools above, there are some even simpler tools that have inspired many an entrepreneur over the years.

A simple google search for synonyms or thesaurus lookup can be invaluable. No matter how big your vocabulary, unless you are a 3 times scrabble champion there are bound to be words that you have either overlooked or not even thought of. Going back to basics covers all of those bases.

It is important to not overlook how useful this simple step can be.

4. Keep it simple, stupid! (KISS)

We all got told in English class at school to “Keep it simple, stupid” or “KISS”.

Whilst at the time it was just a fun way of remembering, there is a lot of wisdom in the saying. This is especially true when it comes to choosing a company or brand name.

Have a look around you at the top most successful businesses in all sectors: Google, Eat, Facebook, Uber, Nike, Virgin – the list is endless. What do all these names have in common? They are short, to the point and simple – in other words they are a great example of KISS.

In fact – going one step further and looking at all company names in the UK, over 50% of them are between 17-27 characters in length (source).

Whilst that may seem like a lot at first glance, it is important to remember that this number includes all trailing words such as trading, group or anything else for that matter.

For example Virgin is clearly the name of Richard Branson’s incredibly successful UK travel company but is actually registered as Virgin Group Limited.

With this in mind you can see the actual number is probably substantially lower than the 17-27 Characters mentioned above.

This suggests that shorter names that roll off the tongue are far more popular so it is important to KISS!

5. Real vs made up words

Should you use existing words like Virgin, Eat or Train line? Or go for something new and made up like Google, Tesco or Unilever?

Well that really depends on what your startup is, how large you want to grow and more importantly your brand/marketing strategy.

Whilst it might seem like making a word up is the way to go you really need to keep in mind how you are going to promote that new brand name to people who will both have never heard of it and have no idea what you sell or do.

These issues can cause your name to be forgotten in the absence of proper brand awareness and new customers will have no clue as to what you sell with the brand name not shedding any light on the situation.

On the flip side though you really stand out and you dominate the SEO and SMO space should anyone search for that brand name. Think of Google – who doesn’t know them? that’s not because the name makes sense it is because huge resources were poured into brand awareness so that they dominate their name to point of it being added to the Oxford English Dictionary!

Traditional words on the other side of the fence do not suffer from the same issues. They tend to say exactly what the company does or sells meaning that potential customers are more likely to remember it. Think of WeBuyAnyCar, their name is to the point, rememberable and is exactly what it says on the tin.

There are many pro’s and con’s for both sides of the coin but if you are new to the entrepreneurial world with a modest budget, then we would suggest real words in almost all circumstances.

6. Check spelling and grammar

This is another of our tips that may seem minor but has successfully tripped up even the smartest of UK entrepreneurs in the past.

Check, check and recheck your spelling and grammar. There are many ways to spell many words as well as conjunctive words that don’t belong.

By the time you have bought your domain or signed up to social media it’s too late!

It’s hard to ask for trust from potential customers when you cant spell your own name correctly.

7. Check word meanings in the UK and abroad

Whilst you may have a firm grasp of a word that is either used locally or something you have never given a second thought to, its not unfamiliar for words to have different meanings in Newcastle as opposed to say Essex.

Along with regional UK word meanings, it is important to take into consideration international understanding of these words. Something that may mean good in the UK may mean useless in Spanish or an offensive slang in America.

Google is your friend in the situation. Check languages (if you are launching internationally) and slang words in urban dictionary just to be safe.

8. Think ahead, think growth

At the time of launching your startup you may be very clear on a single product or product range that you are looking to fulfil without much thought beyond that.

Whilst it is important to stay grounded starting small, it’s also a mistake to restrict growth that may eventually come one day in the future. Niches are good but lack of flexibility in the future could be your undoing.

For example, if you are aiming at starting a company selling women’s shoes then calling yourself “Woman Shoe” is likely to bite you in the long run.

What happens when you branch out of your original product and sell handbags or skirts? Your name is now misleading and doesn’t fit your brand correctly.

Place names can also be a factor but unlike the above it can also be successfully incorporated into your brand.

For example: Hertfordshire Suit Hire is going to be problematic should you decide to serve Manchester or Liverpool in the future but it could also be branded in.

Branded in place names can be hugely successful when used correctly with place names, you only have to look at Yorkshire Tea as a success story of branded location company names.

9. Originality can be everything

Originality isn’t everything….but it can be.

If you are going it alone and starting a roofing company then calling yourself “Ricky’s Roofing Company” is not going to be unique enough to seperate you from the crowd.

There are thousands of roofers out there and I’m willing to bet at least a few are called Ricky. How will customers know who is who and not confuse your company with another?

You need your name to be unique enough that it is not confused with anyone else and you need that name to refer to you and only you.

Spending money on marketing and social outreach only to find your customers think another company is you could be a nightmare scenario that drains all of your resources.

10. Catchy names are free advertising

Catchy names aren’t just easy to remember and roll off the tongue easily. They are absoloutely free advertising.

You only have to scroll through Facebook to see pictures of company signs or vehicles where they are using a catchy and clever name for their company.

This isnt just a quick laugh for friends, it resonates with people and they are far more likely to remember it.

This is in it’s purest sense is free advertising and a great company name all rolled into one!

11. Say it loud, say it proud

Say your company name out loud.

Use it in sentences, shorten it and even give it a try with a regional accent whether that be Geordie or Scouse.

This is important as how a name sounds in your head is never the same as how it sounds out loud spoken amongst your average person.

Does it roll off the tongue? Does it resonate? What does it sound like?

These are all questions you need answered before you can settle on a company name.

12. Have your logo in mind

Your logo is going to be your company name or icon on show for the World.

Whilst it’s not critical to think of a logo at this stage, it can be beneficial to bare it in mind.

You may only have a couple of ideas to mind for the logo of the company name you are brainstorming but acknowledging that a brand or catchy logo can be created from your chosen name is a big green tick next to that particular company name as an option.

13. Check Companies House

Companies house is the home of all limited companies within the UK.

Acting as registrar, companies house contains details of every company that has formed both past and present throughout the entire UK. If a company isn’t here, they either don’t exist or they are acting as a sole trader.

With this information in mind, using their ‘find a company’ tool is a great insight into looking up your company name.

Do remember that just because there is a company with your exact name already trading, this doesn’t mean you cannot use the same in some variation but you will need to seek legal advice before doing so.

If the name is already taken it’s a red flag though and it may be prudent to choose something else instead of pursuing it.

14. Check the domain name

Assuming you have completed the previous step and no company exists then this step should, hopefully, be a breeze.

We say hopefully as this is probably THE most important step in this whole process.

Being unable to register the .co.uk domain for your brand name can be quite catastrophic to deciding on a company name. So much so that 75% of people who find their company name taken would rather use a different company name than an inferior TLD (top level domain) like .io or .info.

Being UK entrepreneurs it may seem like a .co.uk is everything but we would always advise to also get the .com name.

The reasons for this advice is simple. Even in the UK a .com is viewed by the general public as the ‘default’ when it comes to websites. They will tend to type a .com in most instances out of habit and you don’t want to lose them to another site just to save ~£20 per year.

Alongside this, should you ever wish to expand to Europe or the USA, the .com will have you in good steed to associate yourself as an international company.

15. Check social media profiles

In much the same vein as domains, checking you can grab the relevant social media usernames is as must. It may not be quite as important as the domain but it is a close 2nd depending on the social network in question.

Having @YourCompanyName on twitter means some nice URLs like https://www.twitter.com/YourCompanyName/ but it isn’t something that can’t be worked around.

Many public figures and companies have found that their name was not available on social media. To mitigate this they have had “official” or “verified” added to their name to take control of that brand on the platform.

It’s always nice to have the exact name but it’s OK to be flexible here unlike when it comes to your domain name discussed above.

16. Check Copyrights and Trademarks

So by now you’ve searched Companies house, domains and social media so we are almost there. The final step on the research front will be to confirm your chosen company name is wide open for the taking.

The UK government have a nice free and easy tool for checking registered UK copyrights and trademarks.

This step is very important as just because there isn’t a company registered in the name you want doesn’t mean there isn’t a trademark or copyright covering that name elsewhere.

For example there is not a company named maltesers but there is a company who have trademarked that word as it falls under their brand as a product, Cadburys.

Calling yourself Maltesers Limited is likely to lead to some serious legal ramifications from an industry giant.

17. Get opinions elsewhere

Friends and family can be a great tool when looking for validation outside of the founders circle.

Bounce names off of trusted people around you and note down their feedback.

Do they like the name? Do they know what the company does when hearing the name? What comes into their head when they hear the name?

Getting answers to these questions from people who are not involved in your business is the best market research you can do on a budget.

If you can manage to get a varied demographic to agree they like the name then it is very possible you are on to a winner in terms of future brand awareness.

Bare in mind that they may not like your idea. It’s important to not be defensive in these situations, take everything they say on board and reassess your suggested name.

Just because they don’t like it doesn’t mean you shouldn’t use it though. Not everyone is a brand or marketing genius. Take all feedback with a pinch of salt and be honest with yourself based on their feedback.

It’s your business so it’s your choice – there will be much harder unpopular decisions to make down the road so you may as well start now.

18. Don’t let it consume you

The term wantrepreneur has become a meme within the entrepreneur community used to describe those who want to be an entrepreneur but never quite get going.

This is unfortunately true of many self starters out there. Not everybody is capable of being an entrepreneur and that’s OK.

What many will do is fixate and stagnate on tasks such as deciding on a company name. They spend months and months trying to come up with the best name and they endlessly go around circles trying to find it.

It’s important to not let this process consume you. Overthinking is as bad and sometimes worse than underthinking. Pick a name, do your checks and get going with the important tasks of making your company a success.

One of the key attributes of any entrepreneur is the ability to make the right decisions at the right time and choosing a company name is the first of many decisions to be made.

19. Make sure you are happy

It should go without saying but here we are!

Many entrepreneurs have been led astray by outside influence and had their ideas shot down at this very early stage.

The bottom line is to make sure you are happy with the name. It’s irrelevant what is happening around you when this is your idea, your company and your time and effort that will be pushing this project forward.

As long as you are being true to yourself and honest without bias about the name then that is all that really matters in the end.

20. Grab everything in one swoop

Now that you are here having researched a lot and brainstormed even more, it’s time to lock it all down in one swift swoop.

Registering your domain name and social media profiles is easy enough but be sure you are ready to register them all as quickly as possible.

It is not completely uncommon for groups of individuals to park domains based on new company registrations.

What do we mean by this?

Well unfortunately some unscrupulous entrepreneurs are monitoring the web looking to beat you to it when it comes to domain registration or social media profiles with the business model of selling the acquisition back to you for a hugely inflated price.

These tactics rely on entrepreneurs not fully registering everything within a few hours of a domain purchase so provided you do it all in one swoop then you shouldn’t fall victim to their tactics

Conclusion

It all starts here!

Be excited and try not to let the stress of a company name get to you or cause a mental block.

This is the beginning of your journey and provided you stick to these 20 tips then you should have no problems in coming up with the best startup name to get your company off the ground.

The post 20 Tips For Naming Your UK Startup Company appeared first on English Entrepreneur.